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The Securities Commission granted First West Credit Union an exemption from the prospectus requirement for distributing membership shares to prospective members. This decision allows the credit union, which is transitioning from provincial to federal regulation under the Bank Act, to continue its operations without the need for a prospectus. The exemption aligns with existing provincial exemptions for credit unions. The decision is contingent on First West Credit Union continuing as a federal credit union and remaining under the supervision of the Office of the Superintendent of Financial Institutions. Relevant legislative provisions include sections 53, 73.1(6), and 74(1) of the Securities Act, R.S.O. 1990, c. S.5, as amended.